G-III Apparel Group, Ltd. GIII announced after Thursday's market close that it has taken a 19 percent minority stake in the parent company of the KARL LAGERFELD brand.
G-III Apparel also holds a 49 percent stake in its North American joint venture that holds the rights to the Karl Lagerfeld trademarks for consumer products and apparel products in North America.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We are very pleased to increase our strategic and financial commitment in KARL LAGERFELD, a true iconic fashion brand. We are proud to have been able to acquire these opportunities as a result of our market knowledge, category expertise and strong operational platform. Now, with our expanded partnership in KARL LAGERFELD, we look forward to helping chart its course forward and captivating a generation of new consumers around the world."
Shares of G-III Apparel showed no trades early Friday morning and gained 0.34 percent to close at $50.15 on Thursday.
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